HT Estates - - HTESTATES - Harsh Roongta

If I skip my EMIs are there any charges levied by the bank?

– Sahar Nath The bank will charge you a penalty on the late pay­ment of your EMI as well as a pe­nal in­ter­est for the pe­riod of de­lay. If a cheque or ECS in­struc­tion has bounced, the bank and the lender can charge you cheque re­turn or bounce fees. This amount will vary from bank to bank. It is ad­vis­able to pay EMIs on time to avoid spoil­ing your credit his­tory. A bank can take le­gal ac­tion against you if you con­tinue to de­fault. It will also af­fect your credit his­tory, re­duc­ing your abil­ity to bor­row in fu­ture if the de­fault is per­sis­tent.

Can I take a break in pay­ment of EMIs for my home loan?

– Gau­rav Gu­rung It is not pos­si­ble to take a break in pay­ment of your home loan EMIs. It is ad­vis­able to pay your EMIs on time to avoid spoil­ing your credit his­tory. Your bank can take le­gal ac­tion against you if you con­tinue to de­fault. It will also af­fect your credit record re­duc­ing your abil­ity to bor­row.

If I be­come a guar­an­tor for home loan for a friend and he bor­row around ₹ 16 lakh from a bank, would it af­fect my home loan el­i­gi­bil­ity? I plan to take a home loan worth ₹ 20 lakh in fu­ture.

– Palak Gupta If you de­cide to be­come a


The ar­ti­cle, ‘Bach­e­lors not wel­come’ in HT Es­tates dated Novem­ber 7, 2015, in­ad­ver­tently missed men­tion­ing that when he rented his apart­ment, ten­ant Anik Biswas was not in­formed about so­ci­ety re­stric­tions on bach­e­lors oc­cu­py­ing an apart­ment. He had loan guar­an­tor for your friend, it will have direct im­pact on your loan el­i­gi­bil­ity. The guar­an­tee given by you is treated on par with credit fa­cil­ity availed by you. Also, the pre­pay­ment track record on that loan will re­flect on your loan as well. So, think be­fore you agree to pro­vide a guar­an­tee for your friend.

Is it pos­si­ble for a bank to hold the loan be­fore dis­burse­ment once the loan amount is ap­proved and ap­proval mail/sms sent by the bank? If no, then can we take any le­gal ac­tion against the bank if it’s not will­ing to give a loan even after ap­proval?

– Bhishma Sharma You have a right to get rea­sons in writ­ing if the bank is with­hold­ing dis­burse­ments due to any rea­son. If you are not sat­is­fied with the re­sponse re­ceived from the bank or you do not re­ceive any re­sponse, you can ad­dress your griev­ance to the nodal of­fi­cer of the bank, de­tails of which are given on the bank’s web­site.

If after four weeks, the is­sue is not re­solved, you can file a com­plaint to the bank­ing om­buds­man on the RBI web­site. The link for the same is www. bankingom­buds­man.rbi. moved in know­ing and be­liev­ing that bach­e­lors were al­lowed to stay in the so­ci­ety. Later, he learnt that his lease deed and po­lice ver­i­fi­ca­tion doc­u­ments were not sub­mit­ted by the land­lord to the RWA in what Biswas felt was an at­tempt to con­ceal the truth.

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